Q&A: Starting your own business

I've had a really great idea, but how can I manage my commitments and start a business?

I have recently had an idea for my own business but getting started, applying for funding and getting it off the ground looks like an up-hill struggle. Obviously I can't afford to give up my current job until I am sure my new business will be successful - but I'm really worried that taking all this extra work on will leave me stressed. How do I make sure the business doesn't fail before it's even started?

Being your own boss can be very satisfying as well as rewarding. But with the independence and freedom of self employment, come risks and responsibilities you wouldn't encounter picking up a pay cheque every month from a job with a salary.

Before you do anything else, it is worth thinking about a few crucial aspects of setting up a business. You already have the idea which is great, but there are some important areas which need to be addressed.

Firstly, as you rightly mention, funding is very important.  There are a number of avenues you can explore, aside from heading to the bank and asking for a loan. The Prince's Trust is for 18-30 year olds who want to start a business and offers funding through its Business Start-up Programme. This includes low interest loans for business ideas rejected by banks, mentoring for up to three years and a range of other support.

Business Link also supports small businesses. Your local Business Link can advise on all sorts of issues around business start-up, including funding and the legal requirements for employing staff, installing good health and safety standards and looking after your own tax returns. 

You can also speak to the Careers Advice Service on 0800 100 900 . They can advise on vocational training and careers and may be able to give you a few pointers on any training you may need in advance of your new venture.

Doing your own research around your idea and the service or product you want to offer is integral to any business start up. A lot of businesses fail in the first year because they aren't properly prepared. It really is worth taking the time to ensure you know what will be involved and how much you will need to do.  

As with all new businesses, starting up can be challenging. It will involve a lot of hard work and time, so it's worth considering how you'll manage to juggle your free time with your current job. A good start would be to compile a timetable for tasks, projects and research into your business idea. Your free time will be even more valuable, so you could start by working out the evenings you have free from distractions or other commitments and use that time to do your research.

You mention the stressful side of setting up a new business. This will be a busy time for you but sometimes a healthy amount of stress can actually have a positive effect by motivating and energising you. By taking a deep breath, you can approach challenges and succeed in them, which in turn can build your confidence. Stress does need to be managed, unhealthy levels can cause problems. So giving yourself down time to relax, take a breather and generally chill out is just as important as working out when you'll do all the work. The more relaxed and focused you are, the better equipped for the challenges ahead. Relaxation techniques can also help with this.

It might feel tough at times, but remember that starting your own business is a worthwhile ambition. If it's something you really want to do, it is possible.